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Bitcoins worth $1 Million Stolen from Danish Payment Company

Some 1,295 Bitcoins worth $1 million were stolen from consumers’ virtual wallets in a hack attack on BIPS, one of Europe’s biggest Bitcoin payment processors, announced The Hacker News.

Approximately 22,000 online Bitcoin wallets were compromised and, “as a consequence BIPS will temporarily close down the wallet initiative to focus on real-time merchant processing business which does not include storing of Bitcoins,” BIPS writes in a press release.

Kris Henriksen, BIPS’ founder, advises existing customers to take extra safety measures by transferring their digital currency using other safe storage solutions since “web Wallets are like a regular wallet that you carry cash in and not meant to keep large amounts in.”

The company will contact all users affected by the security breach and will focus on helping authorities capture the attackers.

This is the second cyber-attack the company has suffered. In a Nov. 15 breach, Russian hackers launched a denial-of-service (DDoS) attack to identify a security weakness that was later exploited to complete the theft.